Cadbury Nigeria Plc, a consumer goods firm, has reported a loss of N19.09 billion after tax for the financial year 2023, a significant decline from the N583.11 million profit recorded in 2022.
Despite a 46% increase in revenue to N80.38 billion, the company’s bottom line was heavily impacted by the loss. The retained earnings of the firm have turned negative, standing at N11.36 billion, resulting in a negative total equity of N6.51 billion from N13.30 billion.
As a result of the incurred loss, the company’s directors have decided not to recommend any dividend payment for the year, in contrast to the N751.28 billion dividend distributed to shareholders in 2022.
Source: Business Day